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The following is issued on behalf of the Mandatory Provident Fund Schemes Authority:
The Mandatory Provident Fund Schemes Authority (MPFA) today (July 10) welcomed the passage of the MPF Schemes (Amendment) Bill 2008 by the Legislative Council. The MPFA would fully support the Government to implement successfully its injection of $6,000 into the MPF accounts of eligible members.
The spokesperson for the MPFA said that with the passage of the Amendment Bill, the MPFA is empowered to require the trustees/employers of the MPF/ORSO schemes to provide the relevant information of scheme members/employees for compilation of a list of eligible recipients of the injection. The MPFA would need to enhance its computer system and then verify, consolidate and match scheme members' data from about 5 million MPF accounts. It hopes to announce the injection schedule and the detailed arrangements by the end of 2008, and plans to commence injection into the accounts of eligible scheme members in the 2008-09 financial year.
The spokesperson further indicated that injection arrangements would be made known to the public through various channels before the injection commences. The MPFA asks for scheme members' patience to wait for the relevant announcement. Moreover, the MPFA will put in place a fair and transparent review mechanism for the injection. Those members who consider themselves eligible for the injection but do not receive the amount will be given ample time to make enquiries with the MPFA. Members need not enquire about their eligibility at this stage.
To facilitate the implementation of the injection, the MPFA calls on scheme members to take the following necessary actions:
Employees: They should check their monthly pay records. Also, they should check the contribution status of their MPF accounts through the enquiry channels provided by their trustees;
Self-employed persons: If they have not yet informed their trustees of their relevant income in the current financial year, they should do so on or before August 29, 2008 (Friday);
Employers: They are required to discharge their legal obligations by enrolling eligible employees in an MPF scheme, sending remittance statements to their trustees and making the correct amount of contributions.
The spokesperson urged scheme members to be alert to further announcements on the arrangements for the injection.
Ends/Thursday, July 10, 2008
Issued at HKT 19:30
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